The Nigeria National Petroleum Corporation (NNPC) found it difficult to get buyers for Nigerian oil produced in the month of September depriving the government of much-needed revenue.
NNPC revealed this in its latest report to the Federation Account allocation Committee (FAAC) released at the weekend on its website.
According to the report, no oil export receipt was recorded in September despite a production of 1.41 million barrels of oil.
The 1.41 barrels of oil in the month of September was worth over 44.7 billion with oil price averaging $75 per barrel.
Part of the report reads: “on sale receipt, no Crude Oil export revenue for the month of September 2021.”
The report also noted that the overall NNPC crude oil lifting of 11.49Mbbls (Export & Domestic Crude) in September 2021 recorded 98.5 percent increase relative to the 5.79Mbbls lifted in August 2021.
However, NNPC said it made the sum of N252.96bn (N252,968,629,898.13) from the Gross Domestic Crude Oil and Gas revenue for the month of October, 2021.
Breakdown shows Gas: Domestic Gas and other receipts in the month was N6.78 billion while the Domestic Gas (NGL) was N4.07 billion.
“NLNG: Feedstock valued at $59.43 million was sold to NLNG during the period out of which $52.57 million was received during the month.
Also, the sum of $95.63Mn was recorded being miscellaneous receipts, Gas and Ullage fees and Interest income for October 2021”.
NNPC also noted that during the month of September strategic holding cost, pipelines repairs gulped N7.75bn(N7,757,631,778.84).
The report added: “The various pipelines come at a cost worth N143.38 million (N143,386,571.87) and value shortfall of N163.7bn (N163,709,314,928.61),”
“This comprised of the N123.7bn (N123,709,314,928.61) for September 2021 and N40bn value shortfall deferred in June 2021.
“The October, 2021 value shortfall of N199,007,758,422.75 is to be recovered from the November, 2021 proceeds due for sharing at the December, 2021 FAAC meeting.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE…The plight of Kwara communities without potable water, govt presence
With a piteous voice and teary eyes, Isiaku Ajarat reflected on some of the challenges she had faced while trekking...
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...